Fidelity Cryptocurrency Division …

Fidelity’s Cryptocurrency Division Applies for New York Trust License

Fidelity Digital Assets has officially applied to the New York State Department of Financial Services (NYDFS) for a trust license, writes The Block, citing sources familiar with the situation. If successful, the company will be able to start providing custody services for digital assets in New York.

Fidelity Digital Assets was launched last October as the cryptocurrency arm of one of the largest asset management companies in the world, Fidelity Investments. Going forward, the firm intends to start providing digital currency exchange services for institutional clients, where it will act as an agent.

“Our clients want to avoid the problems of funding accounts on multiple exchanges and administrative risks. We will try to connect liquidity providers and other liquidity sources to our platform, ”said Tom Jessop, head of Fidelity Digital Assets earlier..

Fidelity Cryptocurrency Division ...

Also, the Bakkt platform applied for a trust license in NYDFS. She intends to become a qualified custodian of assets in order to hold bitcoins in her accounts, which will be used to secure upcoming futures contracts..

As explained by Gibson Dunn lawyer Arthur Long, the trust license is “more extensive” than the BitLicense issued to cryptocurrency companies in New York, and allows you to provide a wide range of services in the financial market, including consulting.

Fidelity Cryptocurrency Division ...

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